1.20.2010

Message to Gov. Paterson: Go Get Our Money Back From Where Our Money Went

Message to Governor Paterson: Go get our money back from where our money wentBy Gloria Dulan-Wilson

About 16 years ago, when New York was facing another financial crisis, and David Dinkins was running for Mayor of New York City, Rev. Jesse Jackson made a speech at the headquarters of 1199 that I still vividly remember -- one that would best be followed now in the face of massive budget cuts that are causing pain and suffering in an already painful situation.

Go get the money back from where the money went. “Don’t take the money from the people who worked hard for the city and state. Don’t take the money from the students and the families. Go and get the money from where the money went. From those who pocketed our money and callously walked away as though they had no responsibility for, or connection to the predicament we find ourselves in now.” (paraphrasing Rev. Jackson)

We have "fat cats" in Wall Street facing unconscionable bonuses after having caused one of the most catastrophic economic debacles in the history of modern times. If the purported $269 million in bonuses is even remotely true, there should be an immediate freeze on all funds, and an embargo on distribution of those bonuses to these executives until the monies needed to bring New York City's Main Street back in balance is received.

In other words, those bonuses are ill-gotten gains and belong to New Yorkers. Let's use them to shore up the MTA,so that we don't lose our services; use them to underwrite our Education programs, our hospitals, service organizations; underwrite those small business who are being forced to lay off employees.

Let’s get real -- you should not be shielding the corporations and people who caused the problems. You should also be looking carefully at those companies who made their millions using mortgage backed securities, especially if those mortgages happened to be collateralized with the homes of hard working New Yorkers who were being gouged with overpriced properties, that were deliberately overpriced in order for the securities to yield more profit; and deliberately overpriced so that Realtors could collect higher commissions.

I appreciate Governor Paterson’s diligence and wisdom in trying to keep New York afloat, and to keep us from having to suffer some of the ignominious cut backs that other states are enduring. But, Governor, it’s time to go get the money back from where the money went. And the money is currently going into the pockets of those corporations, investment firms, banks that got it from riding our backs.

Madoff was not the only one who "made off" with our money. And while we can't put them all in prison, we can make them make restitution. Otherwise, it will be as Rev. Jackson said -- "Robin Hood in reverse, where they take from the poor and give to the rich." The stimulus funds, if they have not found their way to the hands of Main Street businesses, have done little more than stimulate the same rip off artists to sit back smugly and think they got away with the murder of a city.

Time for them to pay the piper. Reverend Jackson was correct then. He is correct now. They do not get a pass. They must pass the money back to the people they got it from -- Us - the New Yorkers who are now in need. So, Governor Paterson, in balancing the budget, Go get the money back from where the money went.

Stay blessed &ECLECTICALLY BLACK

Gloria Dulan-Wilson

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--------About the author: Gloria Dulan-Wilson is a New York based Journalist that has specialized in writing about the "Lives Of Black People" for the past 25+ years and has produced numerous articles that exposes the "ECLECTICALLY BLACK EXPERIENCE". Visit Gloria Dulan-Wilson Blog at http://gloria-dulan-wilson.blogspot.com/

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